Oil rises 2% to more than one-week high as US-Iran peace hopes dim
Prices extended gains after both contracts jumped more than 5% on Monday
Oil prices surged over 2% on Tuesday, reaching one-week highs, as optimism for a US-Iran deal to end the conflict and reopen the Strait of Hormuz diminished. President Donald Trump demanded Iran compensate for damages caused by past wars, attacks, and protests, a demand that likely complicates efforts to reopen the strategic waterway.
Brent crude futures climbed $1.92, or 2.19%, to $89.64 a barrel, while US West Texas Intermediate crude futures increased $1.91, or 2.33%, to $84.04 a barrel, both hitting their highest levels since July 31. Prices continued to rise following Monday's more than 5% gains, driven by Trump's response to Iran's conditions and his claim of US control over the strait.
Analysts note the ongoing supply disruption and high insurance costs due to potential restrictions, keeping energy flows constrained in the near term.
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- Oil rises 2% to more than one-week high as US-Iran peace hopes dim channelnewsasia.com
